Ferrari’s F12 Berlinetta carries a pretty big price tag on its own but when the car is being auctioned off for charity the price can really skyrocket. Larry Roth, a philanthropist based out of Long Island, recently purchased his Ferarri for $1.125 million during an auction to benefit the victims of Hurricane Sandy.

According to Yahoo Autos, the proceeds from the sale will go to the American Red Cross to benefit victims along the east coast.

The Ferarri F12 Berlinetta, which can reach a top speed of 211 mph, hasn’t hit the market yet but when it does it will cost about $315,888. Roth may have paid a bit of a premium for his car but he’ll be the first to receive the new Ferrari. Roth should receive his new car in the second quarter of 2013. Other buyers will have nearly two years for their cars.

Roth said that he bought the car because he thought it would be a good way to donate to the victims of Hurricane Sandy.

Roth said:

“I had no intentions of purchasing another Ferrari but I had so many friends and people I knew who were impacted, I thought this was a great way to help.”

Here’s a video of Roth winning his $1.1 million Ferrari during an auction.